首席商业评论·2025-11-13 04:36Core Viewpoint - The competition between SAIC Group and BYD in the Chinese automotive market has intensified, with SAIC reclaiming the top sales position in October 2025, driven by a dual strategy of fuel and new energy vehicles [3][10][19]. Sales Performance - In October 2025, SAIC Group achieved a monthly sales figure of 454,000 vehicles, marking a 12.96% year-on-year increase, while BYD's sales were 441,706 vehicles, reflecting a 13.88% increase [3][4][10]. - BYD's sales in September 2025 were 396,270 vehicles, a decline of 5.5% year-on-year, indicating a shift in market dynamics [7][42]. - Cumulatively from January to October 2025, BYD's total sales reached 3.701 million vehicles, while SAIC's total was 3.643 million, showing a close competition [4][19]. Production and Sales Breakdown - In October 2025, SAIC's new energy vehicle sales reached 207,000 units, a 31.6% increase year-on-year, contributing to a total of 1.29 million new energy vehicles sold in the first ten months, up 42.5% [21][23]. - BYD's sales of its core models, the Dynasty and Ocean series, accounted for 91.25% of its total sales, with a notable decline in sales for these models in October [42][44]. Financial Performance - SAIC Group reported a total revenue of 169.4 billion yuan in Q3 2025, a 16.19% increase year-on-year, with a net profit of 2.08 billion yuan, up 644.88% [23][25]. - BYD's Q3 2025 revenue was 194.98 billion yuan, down 3.05% year-on-year, with a net profit of 7.82 billion yuan, reflecting a 32.6% decline [40][42]. Strategic Adjustments - SAIC Group is focusing on a three-pronged growth strategy involving its own brands, new energy vehicles, and exports, with a significant increase in sales from its self-owned brands [19][21]. - BYD is undergoing a structural adjustment, shifting its focus from volume to optimizing product structure, with a clear brand hierarchy emerging [42][44]. Market Dynamics - The competition between SAIC and BYD is characterized by a shift in market leadership, with SAIC's recovery attributed to its dual strategy of fuel and new energy vehicles, while BYD faces challenges in maintaining its growth trajectory [25][47]. - The automotive market is experiencing heightened competition, with both companies needing to balance sales volume with profitability as they navigate the evolving landscape [47][48].